Pros and cons of Bittrex
- Advanced features
- Large selection of cryptocurrencies
- Multiple layers of security
- Lack of customer service options
- Extensive KYC
- Not available in New York or Hawaii
|Product Name||Bittrex Global|
|Fiat Currencies||USD, EUR|
|Cryptocurrencies||BTC, ETH, ADA, BSV, ALGO, BCH, LINK, LTC, PAX, LUNC & 280+ more|
Bank transfer (ACH)
|Withdrawal Fees||Fees vary|
Founded in 2014, Bittrex is a full-featured cryptocurrency exchange designed with a focus on security and trust. The platform offers instant purchases for more than 250 cryptocurrencies.
With an intuitive interface, Bittrex allows traders of every experience level to enjoy the products and services found on the exchange. This review covers the basics of the Bittrex platform so you can make an informed decision before signing up.
Bittrex is a good exchange for beginner and experienced traders. Investors new to crypto may need to spend some time playing with the platform in order to fully understand its features. Nevertheless, the sheer amount of cryptocurrencies available can help all investors build a robust portfolio.
Bittrex features over 250 cryptocurrencies on its platform with the ability to instantly buy them with a connected bank account or debit card. While beginners may experience a slight learning curve, experienced traders will likely appreciate the advanced tools offered by the platform.
Bittrex has put a good deal of effort into the security of customer assets. With its cold storage system, digital asset insurance policy, and options for 2-factor authentication (2FA), the exchange goes a long way towards helping customers feel at ease when holding crypto on the exchange.
The largest downfall of the exchange is likely its mediocre customer service. Though basic answers to most questions can be found through an organized support module, contacting a human for specific problems requires some extra patience.
|Transferring money or assets|
|Fees and costs|
|Ease of use|
Bittrex has almost all of the most common – and many of the less common – cryptocurrencies available on its platform, with over 250 available. Users hoping to find a single exchange for the bulk of their trading needs will likely be impressed with the platform’s selection.
However, a few options are missing from the exchange that would be great to see. Mainly these include Binance Coin (BNB), Solana (SOL), Ripple (XRP) and Shiba Inu (SHIB). Though the exchange has a large number of coins, the inclusion of these assets would make Bittrex a veritable one-stop shop for digital currencies.
Transferring money on and off the platform is fairly straightforward. Bittrex allows for bank accounts to be connected via the ACH process for USD deposits and withdrawals. You can also purchase cryptocurrency using a debit card. However, for newly created accounts, a 10-day hold will be applied for USD withdrawals of purchases made with debit cards or by wire transfer.
Cryptocurrency deposit times vary by network, as do withdrawals.
The trading fees charged by Bittrex are relatively low and get less expensive as customers trade more frequently. Using a maker/taker model, Bittrex calculates fees each day based on a user’s 30-day trade volume. Trading fees start at 0.75% for both maker and taker. Fees also vary according to which cryptocurrencies are being traded.
Bittrex doesn’t charge for fiat deposits or withdrawals via ACH. However, wire withdrawals are subject to a $25 fee. Deposits of cryptocurrency are also free. Crypto withdrawals, on the other hand, are subject to specific network fees incurred on a token-by-token basis. Bittrex charges a small fee to cover these network charges. The charge for each token’s network fee is available for review before transactions are made.
|Free||Network fees vary by token being withdrawn|
Bittrex has a somewhat advanced user interface. Customers coming from more basic apps will likely want to take their time to get to know the features found on the platform. However, generally the exchange is intuitive enough that after a few minutes, most users will be comfortable making their first trades.
Trading terminal / markets
You can buy, sell and trade from over 200 markets on the platform. The instant buy feature is the most intuitive way to get started but has higher fees.
Bittrex is available as both a desktop and mobile platform. The mobile app is available on the Apple App Store, as well as Google Play for Android devices.
You can refer your friends to Bittrex for a percentage of their trading fees. Referrers may be paid in crypto or fiat, depending on how their friends choose to pay their fees.
Staking is available on Bittrex. Currently, Cardano (ADA) can be staked for rewards on the platform.
Bittrex offers an extensive support portal with answers to most basic questions. However, contacting support is only available through email.
Bittrex has done a pretty good job of answering most of the questions customers commonly ask through the platform’s Zendesk, where topics and frequently asked questions are clearly organized. However, contacting support for specific issues is unnecessarily complicated.
While a support ticket can be created through a provided online form, in order to chat with the platform’s interactive bot, users will need to create a separate support account. This includes re-entering your email address and creating a new password – despite already being logged in to the trading account. Further, wait times for responses to created support tickets are not immediately given, but they likely depend on the number of requests received.
|Support offered||Wait times|
|Contact us form||Wait times are not available. Your support ticket will be answered as soon as possible.|
Bittrex offers users the ability to instant buy or sell cryptocurrencies or use the spot market. The instant buy option is convenient but incurs higher fees. Users can reduce their trading fees on the spot market by having monthly trading volume (last 30 days) of $5,000 or more, with the first tier dropping fees from 0.75% to 0.5% – a saving of 30%.
Bittrex does not offer lending or farming services on its exchange. However, customers can stake Cardano (ADA) for rewards. Currently users can earn 5.5% by staking ADA on the platform.
Eligible users can also earn Bittrex credits by trading on the platform. When enough credits are accumulated through qualified trades, they can be used to lower or eliminate trading fees on new crypto purchases.
Referral codes are offered to customers and can be used to invite friends and family to the exchange. Bittrex offers users 10% of the fees incurred by friends who have signed up through their referral code. Rewards may be paid in fiat or crypto, depending on the currency used by the invitee to pay for their trading fees on Bittrex.
In 2019, Bittrex was targeted in a SIM attack. By accessing data via a user’s phone, a hacker was able to access the individual’s funds held on Bittrex. The affected party claimed in a lawsuit that Bittrex did not take appropriate action after being notified of the hack. The platform itself has never been hacked.
Bittrex employs several layers of security on its exchange, including 2FA, as well as IP and crypto address whitelisting. The exchange also shares extensive tips with customers on keeping their account safe. However, it has not undergone any security audits.
In 2019, Bittrex failed to receive a Bitlicense for operations in New York State. Among the reasons given for the failure was a lack of details concerning an independent compliance audit commenced by the exchange. A refusal to disclose specific terms of the audit were noted by New York regulators at the time.
Crypto trading isn’t regulated, however, the Financial Conduct Authority (FCA) maintains a register of crypto firms that have passed AML and counter-terrorism checks. Bittrex has not UK entity (it’s registered in Liechtenstein only) and therefore doesn’t feature in the FCA’s register.
Bittrex has obtained digital asset insurance for cryptocurrency held in its cold storage custody system. The policy covers up to $300 million of assets in the case of external theft or internal collusion. Bittrex was approved for coverage by Arch syndicate 2021 after completing a review of the platform’s internal security and compliance protocols.
Sign up. You can register for a Bittrex account with an email address and password. Bittrex can be accessed through a browser on a desktop computer or via an app for mobile applications. If you have a referral code, you can enter it during registration. Verify your email before proceeding. Agree to the terms of service and continue to the know your customer (KYC) verification process.
Identity verification. You will need to answer a series of questions about your identity before accessing your account. In order to comply with the KYC process, Bittrex will ask you for your full name, street address and birth date. You will also need to upload pictures of your government issued identification and a selfie taken with your mobile device. Finally, your employment status and annual salary will need to be entered, along with your social security number.
Once verified, you can sign into your account with the credentials you used during the registration process. Enter your email address and password into the fields provided. Voila! You’ve successfully created an account on Bittrex.
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